IMARC Group has recently released a new research study “Continuous Fiber Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What Are The Growth Prospects Of The Continuous Fiber Composites Industry?
The global continuous fiber composites market size reached US$ 2.55 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 3.62 Billion by 2028, exhibiting a growth rate (CAGR) of 5.90% during 2023-2028.
What is a Continuous Fiber Composites Market?
Continuous fiber composites represent materials that offer exceptional stiffness and lightweight properties. They can be chopped or milled in form and are composed of glass, carbon, and aramid fibers. These composites are developed from either a thermoset or thermoplastic matrix, depending on the application requirements, including strength, cost, geometry, complexity, etc. They provide a high strength-to-weight ratio, ease of processing, freedom of form, etc., and have recyclable nature. In line with this, continuous fiber composites offer various benefits, such as low maintenance costs, excellent corrosion resistance, lightweight construction, etc. Consequently, they find extensive applications in several industries, including automotive, aerospace, consumer electronics, etc.
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What Are The Key Factors Driving In The Continuous Fiber Composites Market:
The rising demand for clean energy resources is primarily driving the continuous fiber composites market. Additionally, the widespread adoption of lightweight components in the manufacturing of electric vehicles (EVs) and the escalating demand for non-toxic substitutes in the production of asbestos-based friction products are further catalyzing the market growth. Besides this, the growing usage of these composites in industrial processes, including stress corrosion cracking (SCR) processes, cold forming operations, and metal fastening applications, is acting as another significant growth-inducing factor. Moreover, continuous fiber composites are used in nacelles, blades, and smaller components of wind turbines, which is positively influencing the global market. Apart from this, the increasing popularity of electrical resistivity materials and flame retardants is also bolstering the market growth. Furthermore, the inflating levels of industrialization and extensive investments in R&D activities by leading manufacturers are anticipated to fuel the continuous fiber composites market over the forecasted period.
Who Are The Key Players/Companies In The Global Continuous Fiber Composites Market?
Celanese Corporation, Chomarat Textiles Industries, Gurit Holding AG, Hexcel Corporation, Johns Manville Corporation, Lanxess AG, Owens Corning Corporation, Saertex GmbH & Co. KG, Solvay S.A, Toray Industries Inc
Report Segmentation:
The report has been segmented the market into following categories:
Resin Type Insights:
- Thermoset Composite Resins
- Thermoplastic Composite Resins
Product Type Insights:
- Woven Fabric
- Non-Crimp Fabric
- Unidirectional Tape
- Others
Reinforcement Type Insights:
- Glass Fiber Composites
- Carbon Fiber Composites
- Others
Industry Vertical Insights:
- Aerospace
- Automotive
- Power and Energy
- Sports and Leisure
- Consumer Electronics
- Others
By Geography:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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